fashion Forward $($Pty$)$ ltd is a manufacturing and retail clothing chain that specilises in clothing, accessories ans shoes. the comapny has $30$ june financial year$-$end.

manufacturing machine:

on the $1$st of July $2021,$ fashion Forward $($pty$)$ ltd acquired a new manufacuring machine to use its manufacturing process. the machine, which had a cost price of R$1200000$ and residual value of R$200000,$ was acquired on credit.

Addtional cash costs are incurred to bring the machine to its current working condition as intended by management which were as follows:

$-$ transport costs: R$5000$

$-$ installation costs: R$15000$

$-$ Administration and general overheads: R$3500$

the manufacuring machine was availible for use on the $1$st of September $2021.$ manufacturing machines are depreciated over their useful life of $5$ years on a straight line basis.

on the $31$st of May $2023,$ the directors determined that the manufacturing machine are depreciated over a shorter period of $4$ years due to the technology changes.

furniture and fittings:

on the $1$st of July $2022,$ the beginning of the current financial year, fashion forward $($pty$)$ ltd had furniture and fittings in tits accounting records with a cost price of R$900000$ and accumulated depreciation amounting to R$360000.$ the furniture and fittings had no residual value. furniture and fittings are depreciated over their useful life of $5$ years on a straight$-$line basis.

required:

$3\mathrm{.}1$ with reference to the inforamtion under manufacturing machine, calculate the cost price of the new manufacturing machine that should be recorded in the accounting records of Fashion Forward $($pty$)$ ltd$\text{'}$s $30$ june $2022$ financial accounting records so as to comply with IAS $16$ of the IFRS. clearly indicate where an amount is excluded and provide a brief reason why it is exclude. $(4$ marks$)$

$3\mathrm{.}2$ Provide the following extracts from the notes to the annual financial statements of Fashion Forward $($pty$)$ ltd for the financial year ended $30$ june $2023$ to comply wiith the IFRS:

$1.$ Change in estimate $(10$ marks$)$

$2.$ property, plant and equipment $(20$ marks$)$

instructions:

$-$ show all workings clearly and reference accordingly

$-$round to the nearest Rand